Cost of living in NYC: Navigating expenses in the Big Apple

Discover NYC's cost of living! Dive into your monthly expenses for rent, groceries, transport, healthcare, and entertainment in the world's most expensive city.

Ivandzhelin

7 minute read

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Updated on 22 Nov 2024

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Living

New York City is a place where dreams are made, cultures collide, and the pace of life is nothing short of exhilarating. But here's the kicker: with an average monthly cost of living of $4,130, New York City is also one of the most expensive cities in the world. Yet, beyond this, New York offers a wealth of opportunities for career growth, the chance to rub shoulders with people from all walks of life, and the unique privilege of calling one of the world's most iconic cities home.

So, before you start searching for homes for rent in New York, let's dive into all of the essential expenses you'll have, plus all of the ways you can save on them!

On average, you need $1,238 monthly to live comfortably in New York, excluding rent. It isn't surprising that rent makes up for the largest part of your monthly budget, followed by groceries and leisure.

Depending on your lifestyle, your living expenses in New York will vary. But overall, the cost of living in New York for a single person is $4,130. Whereas the average cost of living in NYC per month for a family of 4 is around $8,925 (renting a 2-bedroom apartment).

While that's a fairly high cost of living, New York's average monthly salary is $6,729, so a comfortable and fulfilling lifestyle is possible with some financial planning.

6 main categories contribute to your living expenses in New York: accommodation, utility bills, groceries, leisure, health insurance, and public transport. The table below breaks them down:

So, let’s deep dive into each category so you can calculate the cost of living in NYC per month.

With an average monthly rent of $3,555, New York has one of the highest accommodation costs in the US. Your monthly rent largely depends on 2 factors: the type of property and the location. The table below shows what you can expect in terms of average rent in NYC per accommodation type:

As a rule of thumb, Manhattan has the highest rents, followed by Brooklyn and Queens. Housing prices there are driven up by the proximity to major commercial centres, famous sights and some of the best neighborhods in New York. On average, the monthly rental costs by borough in NYC are:

• Manhattan — $4,547
• Brooklyn — $3,700
• Queens — $3,181
• The Bronx — $2,187
• Staten Island — $1,894

Yet, even the expensive boroughs in NYC have affordable neighborhoods, like Harlem in Manhattan or Bedford-Stuyvesant in Brooklyn. If you're looking to save on rent in New York, we recommend living with roommates so you can split the costs for rent and utilities. Another way to save money is to furnish your place with used furniture.

New York’s rental market is also competitive, and finding a place can become challenging. We recommend exploring homes for rent in New York as soon as you’ve decided to move. Using HousingAnywhere, you have the convenience of exploring numerous properties online, reserving one even while abroad, and having the security of rent protection until 48 hours after your move-in date. This is particularly handy if you're moving to the US from abroad and aren't able to do in-person viewings.

Check out our guide on how to find an apartment to learn some more tips and tricks.

Average utility bill in NYC

When you’re budgeting your monthly cost of living in NYC, make sure to calculate between $150 and $250 for utilities. Oftentimes, only water and heating are included in your rent, whereas electricity, cooling, gas, and garbage are excluded.

Another living expense to consider is the laundromat or dry cleaning as a lot of the properties come without a washing machine. Bringing your clothes to the dry cleaner's usually costs $1/ per pound with a 10 pound minimum for washing, drying and folding. The prices of the laundromats vary but they often have bundle discounts for washing and drying. But in general, a week’s worth of laundry is between $7 and $10, depending on how many loads you do. This doubles if you want to use the dryer, too.

Besides that, you should consider the cost of internet. Depending on what you’re looking for, you can expect to pay between $20 and $50. Similarly, mobile phone plans in NYC vary between $20 and $40 depending on the amount of data and calls you get. To get a better deal, check whether you can get a bundle with a phone and internet plan.

Depending on your diet and preferences, the amount can vary. But a single person in New York should budget between $400 and $500 monthly. Here’s a list of some essential food items and their cost in NYC:

Some ways you can save on groceries include:

• Buying from bodegas, corner stores, fruit and vegetable stands
• Shopping at supermarkets like Aldi, Costco, Gristedes, C-Town, or Asian supermarkets
• Planning your meals in advance

Public transport is one of the few things that won’t make a big dent in your monthly living expenses. NYC's famous subway has 472 stops, costs $2.90 per ride and there's a train every 2–5 minutes. The bus fare in NYC is also $2.90, but if you take an Express bus the fare is $7.

If you plan on using New York's public transport often, we recommend buying a monthly unlimited pass that costs $132, valid for all buses and the subway. Other cost-effective transportation options include biking or walking.

If you’re a car owner, your monthly expenses increase with another $250—$400. You need to factor in costs like:

• parking (Midtown is priciest at around $562 monthly),
• gas ($4.54 per gallon),
• car insurance (between $114.25–$261.58).

Don't forget to budget additional costs such as registering your car in New York and changing your driver's license if you're moving from another state.

The US doesn’t have state-mandated health insurance. This means that you don’t have to find a health insurance provider once you move to New York. Although, if you’re moving from abroad, health insurance might be a visa requirement as part of your immigration to the US.

New York has one of the highest health insurance costs in the country. Depending on the coverage you’re looking for, your premiums can vary between $187 and $896 monthly. Luckily, plenty of employers either insure or split the cost with their employees, so you won’t have to bear the costs by yourself.

If you choose not to get health insurance, you can expect health care costs ranging from $114 for an optometrist to $130 for a doctor’s or dentist’s visit. In addition to this, you have to pay for your medication going as high as $500.

New York is one of the best cities in the world when it comes to entertainment. After all, it's the “City that never sleeps”. To be able to enjoy what New York has to offer comfortably, we suggest you budget at least $150 – $200 monthly.

What’s great is that you can take your pick on how to spend these. Do you go to the Museum of Modern Art (MoMA) or explore the culinary wonders of Chinatown? Strolling through New York’s Botanical Garden or partying the night away in East Village? It's the perfect city to go out as it offers plenty of options for going out and making friends. Keep in mind that leisure (especially dining) is quite expensive, so the more you pick, the higher your cost of living in New York will be.

Here’s a breakdown of how much treating yourself in New York can cost you:

Dining out:

Leisure time & personal care

While New York City has the reputation of being one of the world's most expensive cities, it's essential to remember that with some planning and the right resources, you can navigate New York's cost of living without breaking the bank.